December 2, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — NRG Solar, a subsidiary of NRG Energy, Inc. (NRG) and SunPower Corp. (SPWRA) said it has inked groundbreaking agreements to begin construction next year of the 250-megawatt California Valley Solar Ranch in San Luis Obispo County.

According to NRG, the solar power plant is expected to create approximately 350 jobs during construction, will power about 100,000 homes and will be one of the largest photovoltaic solar power plants in the world, when complete.

NRG Solar said it plans to invest up to $450 million of equity in the project over the next four years, subject to final total project cost and negotiation of the financing terms and conditions.

Under the latest agreement, NRG will assume all ownership and financing responsibilities for the California Valley Solar Ranch. SunPower will continue to develop the project, and will design, build, operate and maintain the solar power plant.

Construction is scheduled to start in the second half of 2011, with a portion of the project scheduled to begin operating by the end of 2011 and the balance coming on line in 2012 and 2013.

The project is currently seeking a loan guarantee from the U.S. Department of Energy's Loan Guarantee Program Office, which supports accelerated commercial use of innovative energy technologies to help sustain economic growth, yield environmental benefits, and produce a more stable and secure energy supply.

New Jersey-based NRG Solar is a subsidiary of NRG Energy, which owns and operates a power generation portfolio that provides nearly 26,000 megawatts of generation capacity—enough to supply nearly 21 million homes.

NRG's retail businesses, Reliant Energy and Green Mountain Energy, combined serve more than 1.8 million residential, business, commercial and industrial customers.

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